(a) This section applies to a violation involving property damage of $1,000 or more.
(b) A person may not willfully and maliciously set fire to or burn the personal property of another.
(c) A person who violates this section is guilty of the felony of malicious burning in the first degree and on conviction is subject to imprisonment not exceeding 5 years or a fine not exceeding $5,000 or both.